Sequestration (Bankruptcy in Scotland) is a formal insolvency process, whereby a Trustee takes control of your estate and will deal with the creditors on your behalf. It is often an alternative to a Trust Deed in Scotland as in both cases you make affordable monthly payments for a period of 4 years. You might choose sequestration instead of a trust deed because you don't have enough disposable income for a trust deed. With sequestration, the trus ...
Bankruptcy (known as Sequestration in Scotland) involves the transfer of assets and property to an Insolvency Practitioner (known as a Trustee) on behalf of the Creditors. In its simplest form it is a legally declared inability to pay Creditors.
Bankruptcy is a legal process which lasts for 12 months after which a person is discharged from their debts (subject to some exclusions). In most instances the Debtor will be require to make payments for a further two years. Bankruptcy is often considered as an alternative to an IVA in England. Please note that Bankruptcy in England, though very similar, is distinct from Bankrutpcy in Scotland which is also known as Sequestration. Involuntary Ban ...
A Debt Relief Order – or DRO for short – is a type of formal insolvency which is suitable for those with low income, low assets and a debt level which is less than £20,000. It is an alternative to an Individual Voluntary Arrangement (IVA) which is suitable for those who do not qualify because of their debt level or affordability. The DRO solution is only available to residents of England, Wales and Northern Ireland and it has very strict eligibil ...
The Scottish Government introduced the Minimal Asset Bankruptcy on April 1 2015 as a new route into bankruptcy for people with low income and minimal assets. MAP Bankruptcy is available to Scottish residents who meet the following key criteria: Your debts must amount to at least £1,500 Your debts must not exceed £17,000 You must not own any land or property Total value of your assets must not exceed £2,000 You do not own a single asset worth mor ...
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